Of course, It won't be as strong as Time Spiral, but with Cloud+Snap you could even go off earlier like turn two or with only two Islands (not recommended, but I made it couple of times).

That's what I have done with my list and won a small Legacy event with it, finishing the games with Blue Sun's Zenith for over 60 cards around turn four or five through Counters when the opponent had them.

I used Dispel because since one of the main reasons I would want to counter something would probably be because my opponent is trying to Counter High Tide or something during the combo turn and I didn't have access to Force of Will, Flusterstorm or Pact of Negation, It would make sense to have a Counter for Instants only that costs a single mana.

I've tested Peregrine Drake too, but there are many times where I got myself needing to untap my Islands and had only one land untapped for it which, with only one High Tide cast, I would only be able to generate two mana, so I think Cloud of Faeries + Snap is the way to go.

I hope it helps

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